SFL: Invest Securities upgrades stock

(CercleFinance.com) - Invest Securities has upgraded its recommendation on SFL (Société Foncière Lyonnaise) from 'sell' to 'neutral', with a target
price raised from E55 to E67, following a 'very good operating performance' and a stabilisation of NAV.


Despite a balance sheet that does not enable significant capex (LTV 43.6%), dividend growth should remain respectable in the medium term, in part driven by its pipeline, the analyst says.

The broker nevertheless considers that, even though SFL is one of the few real estate companies offering excellent guarantees in terms of rental growth, the share seems fairly valued.


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